MONTREAL, CANADA - Modernization is the name of the game for Canada-based retailer METRO. The chain recently announced its results for the first quarter of Fiscal 2024, which ended December 23, 2023. Most notably, the retailer reported sales of $4,974.2 million, up 6.5 percent compared to $4,670.9 million in 2023.

"We recorded solid results in the first quarter as our teams continued to deliver good value to customers in all our food and pharmacy banners. Our discount food stores continue to grow their sales at a faster pace, private label penetration reached new heights, and our MOI loyalty program now has 2.5 million members, double the size of Metro&Moi," said Eric La Flèche, President and Chief Executive Officer.

La Flèche continued, stating, “The opening [of] our new 600,000-square-feet automated fresh and frozen distribution center in Terrebonne in October was a success and the ramp-up of operations is on track with our plan and the guidance given in November. We are confident that our sustained investments in the modernization of our supply chain and our retail networks will continue to create long-term value for our shareholders.”

In addition to its more than $300 million boost in sales, the retailer’s financial report highlighted:

• Food same-store sales up 6.1 percent, and up 3.4 percent when adjusting for the Christmas week shift
• Net earnings of $228.5 million, down 1.1 percent, and adjusted net earnings of $235 million, down 1.1 percent
• Fully diluted net earnings per share of $0.99, up 2.1 percent, and adjusted fully diluted net earnings per share of $1.02, up 2 percent
• Declared dividend of $0.3350 per share, up 10.7 percent versus last year

More from METRO’s report can be found here.

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